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Minimum wage is a legal requirement and a matter of government policy, whereas living wage is often advocated by social groups and is voluntary for businesses.

Minimum wage is influenced by statutory and market forces, while living wage considers the social implications of earning enough to live on.

The minimum wage is determined by lawmaking processes, while the living wage can be determined by a formula that takes into account local costs and needs.

Living wage is often designed to lift workers above the poverty line, whereas the minimum wage does not necessarily guarantee this.

Living wage rates are often regularly adjusted for inflation to remain relevant, while minimum wage increases may not occur as frequently.

Living wage varies more significantly between different areas than minimum wage due to the differences in cost of living.

The lowest remuneration that employers can legally pay their workers—the floor below which workers may not sell their labor.

An approximate income needed to pay for the basic necessities of life, typically higher than the minimum wage.

Minimum wage laws apply to all workers covered by the legislation, while living wage policies may apply to specific groups such as government employees or contractors.